George Soros’ 13F Portfolio Tracking – Q2 2024 Update

This article is part of a series providing an ongoing analysis of changes to George Soros’ 13F stock portfolio on a quarterly basis. It is based on George Soros’ regulatory Form 13F filed on 15.08.2024. Please visit us Article Tracking Soros Fund Management Holdings for an idea of ​​his investment philosophy and ours previous update for fund movements in Q1 2024.

Soros Fund Management invests globally, and long positions in the US market reported in 13F filings represent ~25% of the total portfolio. The value of the 13F portfolio fell from $6.02 billion to $5.57 billion this quarter. The number of positions fell from 193 to 177. Very small equity positions and large debt holdings together account for about two-thirds of 13F holdings. Investments are diversified with a large number of very small equity positions, a small number of large equity positions and a few large debt holdings. This article focuses on larger stock positions. The top three individual stocks held in Q2 2024 were AstraZeneca, Westrock and Alphabet. To learn about Soros’ distinctive trading style and philosophy, see “The Alchemy of Finance” and other works.

New stakes:

SPDR S&P 500 Index (SPY): SPY is a 4.40% portfolio position purchased this quarter at prices between ~$494 and ~$547, and the stock is currently trading at ~$540.

Note: They also have a smaller position through Puts that partially offsets this long stake.

Apple (AAPL) Puts: Short 2.84% of the AAPL portfolio via Puts was established this quarter as AAPL traded between ~$165 and ~$216. The stock is now at ~$221.

Note: The short AAPL position is back in the portfolio after a one-quarter gap. It was a short position through Puts established in Q3 2023. AAPL traded between ~$170 and ~$196. The next quarter saw a ~20% selloff as AAPL traded between ~$167 and ~$198. The stake was removed last quarter as AAPL traded between ~$169 and ~$195.

Costco Wholesale (COST) Puts: The short position of 1.53% of the COST portfolio via Puts was established this quarter as COST traded between ~$703 and ~$870. The stock is currently trading at ~$877.

ChampionX (CHX): CHX is a 1.47% share of the portfolio purchased this quarter at prices between $30.10 and $39.23, and the stock is now below that range at $28.86.

Rivian Automotive (RIVN) calls.: RIVN’s 1.31% long call position was established as RIVN traded between $8.40 and $14.74. It is now $13.23.

Stericycle (SRCL): The 1.15% SRCL small share was set at prices between $44.30 and $59.20 this quarter, and the stock is currently trading above that range at $61.60.

Okta Calls, Inc. (OKTA).: The ~1% long OKTA position via calls was purchased this quarter as OKTA traded between ~$87 and ~$104. The stock is now well below that range at $72.45.

PDD Holdings (PDD) Puts: Short 0.72% PDD via Puts was established this quarter as PDD traded between ~$113 and ~$158. PDD is now at $93.30.

Note: The stake returns to the portfolio after an interval of one quarter. PDD was shorted by Puts established in Q3 2023. PDD traded at prices ranging from ~$68 to ~$103. The next quarter saw a ~50% selloff as PDD traded between ~$98 and ~$150. The stake was removed last quarter as PDD traded between ~$110 and ~$151.

Insmed (INSM) and JD.com (JD): These very small stakes (less than ~0.60% of the portfolio each) were set this quarter.

Stake Removal:

American Equity Inv. Life (AEL): The 1.79% AEL merger-arbitrage stake was set in Q3 2023 at ~$52 to ~$54. There was a ~23% increase in the stake last quarter at prices between ~$53 and ~$56. The position is up 17% this quarter, trading between $54.78 and $55.85. Brookfield acquired AEL in a $55 per share cash and stock ($38.85 cash and 0.49707 BAM share) deal that closed in May.

Aramark (ARMK): The 1.11% ARMK short position was established in the last quarter at prices between $27.51 and $32.55. The sale this quarter was priced between $30.66 and $34.06. It is now at $36.67.

Cloudflare, Inc. (NET) Puts: 2.41% short position via NET Puts was established in the last quarter as the support traded at prices between ~$76 and ~$108. This quarter’s selloff came as the support traded between $67.43 and $97. The stock is currently trading at $76.05.

Synchronized Financial Puts (SYFs).: The small 0.90% short stake through SYF Puts established last quarter was sold this quarter.

Stake Increases:

AstraZeneca (AZN): AZN is currently the largest individual position in the stock, with 3.44% of the portfolio. It was mostly built this quarter at prices between $66.40 and $80.34, and the stock is currently trading above that range at $83.05.

Westrock: Westrock was a ~3% merger-arbitrage stake set last quarter. In this quarter, the package increased by 271%. The transaction closed in July. Shareholders received ~$43.50 per share in cash and stock.

Puts on the SPDR S&P 500 Index: Short position via SPY Puts increased by ~70% this quarter as SPY traded between ~$494 and ~$547. The stock is now at ~$540.

Note: They also have a larger long position that compensates for this short stake.

Axonics, Inc. (AXNX): AXNX is a 2.14% position of the portfolio built mainly this quarter, at prices between $66.47 and $69.65. The stock is currently trading at $68.83.

Cerevel Therapeutics (CERE): CERE accounted for 1.58% of the portfolio merger-arbitrage stake set in the last quarter at prices ranging from $40.88 to $43.27. This quarter saw ~11% stake growth at prices between $38.96 and $42.75. AbbVie acquired CERE in a $45 per share all-cash deal that closed last month.

Alibaba Group Holding (BABA) & Calls, Accenture plc (ACN), EchoStar (SATS), Jacobs Solutions (J), Marriot Vacations Worldwide (VAC) Calls, Merck & Co. (MRK) and Uber Technologies (UBER): These small stakes (less than ~1.5% of the portfolio each) were raised during the quarter.

Stake Drops:

Alphabet Inc. (GOOG): GOOG is a ~3% portfolio position purchased in Q2 2019 at prices between ~$52 and ~$64 and reduced by ~50% in Q1 2020 at prices between ~$53 and ~$76. Q4 2020 had another similar sale at prices between ~$71 and ~$86. There was a ~250% increase in stake over the next quarter at prices between ~$86 and ~$107. S2 2021 saw ~50% off at prices between ~$133 and ~$151. The next quarter saw a one-third increase at prices between ~$127 and ~$148. This was followed by a ~80% increase in the stake in Q4 2022 at prices between ~$83.50 and ~$105. The next four quarters were sold, while in the last quarter the position increased by 22% at prices between ~$133 and ~$155. Sold ~40% this quarter at prices between ~$152 and ~$187. The stock is now at ~$152.

Note: Alphabet is a frequently traded stock in Soros’ portfolio.

AerCap Holdings (AER): AER’s 2.61% stake was raised by ~120% during Q3 2023 at prices between ~$60 and ~$67. There was a one-third increase in the next quarter to prices between ~$57.50 and ~$75. The stake was reduced by 20% in the last quarter to prices between ~$71 and ~$88. This was followed by a ~21% discount this quarter to prices between $82.05 and $96.65. The stock is currently trading at $90.60. They reap the rewards.

Booking Holdings (BKNG): BKNG is a small 1.16% stake that has been up ~25% over the past two quarters at prices ranging from ~$2743 to ~$3902. The stock is currently trading at ~$3731. There was a ~9% discount this quarter.

CRH plc (CRH): CRH is a small 0.81% stock that was cut by about a third during Q4 2023 to prices between ~$52 and ~$69. The stake was further reduced by 46% in the last quarter, at prices between ~$66 and ~$87. This quarter also saw a ~24% discount to prices between $72.72 and $86.02. The stock is now at $85.33.

Novo Nordisk (NVO): The 0.45% NVO position was established in Q3 2023 at prices between ~$75.40 and ~$100. The stake has been reduced by 49% in the last quarter to prices between ~$101 and ~$135. The position was sold down ~80% this quarter at prices ranging from ~$123 to ~$147. The stock is currently trading at ~$131.

Puts Invesco QQQ Trust (QQQ).: The large stake of 6.31% of the short stake portfolio through Puts from the last quarter was almost sold this quarter. The position was established in Q4 2022 as QQQ traded between ~$260 and ~$294. The next quarter saw a one-third discount as the underlying traded between ~$262 and ~$321. Q2 2023 saw a ~160% stake increase as QQQ traded between ~$310 and ~$370. This was followed by another two-thirds increase in the following quarter as QQQ traded between ~$354 and ~$385. Q4 2023 saw the position reduced by ~60% as support traded between ~$344 and ~$412. The position was increased by 42% in the last quarter as QQQ traded between ~$396 and ~$446. The stake was almost sold off this quarter as QQQ traded between ~$414 and ~$484. QQQ is currently trading at ~$449.

Amazon.com (AMZN), Confluent, Inc. calls. (CFLT) and Cboe Global Markets (CBOE): These small stakes (less than ~1% of the portfolio each) were reduced this quarter.

Constantly maintained:

Liberty Broadband (LBRDK): LBRDK’s stake is now relatively small at 1.37% of the portfolio. The initial large position was established in Q2 2016 at prices between $55 and $60.50. Q4 2019 saw a ~20% selloff at prices between $103 and $125. Q1 2021 saw a similar reduction to prices between ~$142 and ~$157. The four quarters to Q3 2022 saw another roughly two-thirds discount to prices between ~$74 and ~$191. The stock is currently trading at $60.64.

The spreadsheet below highlights Soros’ significantly large 13F positions in Q2 2024:

Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q1 2024 and Q2 2024.

Editor’s Note: This article discusses one or more securities that are not traded on a major US exchange. Please be aware of the risks associated with these stocks.